Edward Cable

Fintech Forum: Digital Credit

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Digital credit is the next great frontier for financial inclusion as mobile money coupled with big data analytics is offering unprecedented access to credit.

This round of the Fintech Forum looks at three recent articles that herald the scale, potential, and impact of digital credit but caution against the risks it poses to the consumer as well as the risk of unfettered growth leading us to another credit crisis and looming bubble.

There are numerous opportunities to leverage open standards and open platforms to enable more tailored product innovation, greater access and control of data to consumers, as well as better transparency. Already, a number of innovative fintech companies like Mines.io and RuPie are heeding our motto of Build Apps, Not Infrastructure using Mifos X and Apache Fineract as the banking core to power their digital credit solutions.

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Alex Moses

Partner Spotlight – BOWPI

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In this month’s Partner Spotlight we are featuring BOWPI from Guatemala. BOWPI joined the Mifos team in July 2017, and quickly began contributing to the community. They are one of the up-and-coming partners from Latin America that have recently joined our community. As a fintech company leveraging cutting-edge technologies machine learning and artificial intelligence, they are emblematic of this next generation of Mifos partners that is carrying our torch forward. Already the BOWPI team has been active on the mailing lists and made several enhancements to the core platform they’ll be contributing back to the community. Join us in welcoming them!

This regular blog series will shine the light on some of our top Partners. Not only do we want to recognize them for their accomplishments, we want others to learn from the approach they’ve taken to promote and implement Mifos.

Mifos Partners are one of the most crucial links in our community – they are the driving force that is promoting and supporting Mifos worldwide.  Aside from championing our product and bringing the Mifos technology to new markets, they act as the fundamental bridge feeding in MFI requirements to be developed by the community. Partners don’t stop there as many are also developing and localizing the product to fit their local market.  For all these reasons, we focus our full energy on making Partners successful – they are the primary channel to market, the eyes and ears on the ground, and the entrepreneurial force that will help us sustainably scale. We’d love to recognize your partner organization in this monthly spotlight so please reach out if you’d like to be featured.

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Edward Cable

2017 Google Summer of Code Reflections

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Hopefully you read Part 1 of our official recap of the 2017 Google Summer of Code from last week. As is tradition, we always ask our our interns a few questions at the end of the summer to reflect back on their experiences. Here is what they had to say!

What was your most rewarding experience contributing to Mifos this summer?

Dilpreet Singh – Interacting with mentors in meetings was the most rewarding experience for me as every time I end up learning amazing stuff, best practises and get to hear great advices. Mifos helped me improve my knowledge and I always feel great to be a part of Mifos contributing to projects which impact people’s life.

Kumaranath Fernando – There were many rewarding experiences out of all, what I would like to highlight is mastering and writing extensible, flexible clean code.

Mohit Bajoria – Most rewarding experience contributing to Mifos this summer was Maintaining the community app hurdles and learning from them, diving deep about progressive web app, testing on lighthouse. Other than learning, it was my mentor Maulik, Gaurav, who made the GSoC lot more fun.

Raunak Sett – Most rewarding experience for me was interacting with the community and solving problems together and learning a lot in the process.

Rajan Maurya – First, thanks to my mentors, Markus Geiss and Mark van Veen; both of them helped me alot. I never waited for a response, and always got my problem resolved within couple of minutes.

I have been contributing to Mifos from two years on and I always have a goal to write quality and efficient one-time code that will handle everything. It doesn’t matter what will change in future and If anything will break in future, that should be easily fixable. My most rewarding experience was helping GSoC students teaching them good practices and if they stuck be always ready to solve their problem

Nikhil Pawar – This GSOC, I had an opportunity to virtually meet lots of people, both within community and outside community. Meeting new people, means exchange of new new ideas, healthy debates which acts as like a catalyst for logical and critical thinking.

Sanyam: The most rewarding experience for me was interacting with the Mifos Community and my mentors (Dhirendra, Ed, and Aleksander ) and also got the hands-on experience on a Fintech backend application and solving problems together and learned a lot in the whole process.

Gopala Krishnan – My most rewarding experience was to see the changes I had done to get merged in the community-app and be a part of the latest release.

Naman Dwivedi – Most rewarding experience for me was to learn about the different architectures and how using a good architecture design can be really helpful in the long term for the project. My all personal projects before the summer were built to ‘just’ work, but now I can’t imagine writing a project without at least the MVP architecture.

Mayank Jindal – One of the mentors Ishan told that how can we speed up development by avoiding gradle build every time which is the most frustrated thing for an android app developer. It helped me to save many hours of just sitting idle.

Tarun Mudgal – The most rewarding experience is getting to know new stuff – from enabling (after messing a lot) multi-dex, to learning the right way to debug to code and following the best practices. I did expect such an experience and now, I am quite contented that it happened so.

Courage Angeh – I got to learn a lot more and I got more used to the organization.

Vladimir Fomene – I did not have a most rewarding experience, but the lessons I learned from this internship is priceless.  I have learned how to work in a team of software developers from diverse backgrounds. I also learned a lot of tools while working on the project and last but not the least I learned that having goals and deadlines while working on a project is key in helping you evaluate your progress.

Alex Ivanov – Working with the community was amazing! I met some really cool people in Mifos community. Seeing what other GSoC interns were working on and the internal feedback.

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Alex Moses

Fintech Forum – “A Complete Guide to SHGs”

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Here at the Mifos Initiative we are going to begin posting a rundown of the most pressing topics and trends in fintech for financial inclusion providing you a place to follow the latest news and a forum to openly discuss what’s happening with other members of our open source community. This is the second article of this campaign. Expect to see these on our blog on a weekly basis.

Typically we’ll post snippets from several announcements or articles on a topic but this week, we’re lucky enough to have one of our partners, Habile Technologies, share a post from their blog on Self-Help Groups:

Self-help groups. Sound familiar? Perhaps you recognize the name, but do you truly understand what a self-help group is? Well, thanks to Shivasankari Bhuvaneswaran, now you can truly grasp the origination, concepts, and practices of a SHG.

Shivasankari dives into the topic of self-help groups and presents them in a detailed manner so the reader can realize their dramatic impact. Read the blog post here to learn how SHGs are playing a crucial role in “promoting gender-equality, economic independence, political participation, shared responsibility, and social development”.

Learn more about Habile Technologies by visiting their website at www.habiletechnologies.com. They’re always posting insightful information on financial inclusion and fintech.

Edward Cable

2017 Google Summer of Code Wrap-Up

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Another year, another great Google Summer of Code program for us here at the Mifos Initiative. This year we worked with our biggest class of interns yet – 12 Mifos Initiative interns and 3 Apache Fineract interns who worked tirelessly on their projects and produced amazing results. This post will showcase the outstanding work they did with the community and part 2 of our official GSOC Wrap-up will focus on their reflections on their journey throughout Google Summer of Code.

While the majority of our projects centered on Generation 2 of Mifos which will only in production for the next couple of years, the approaches, designs, and requirements we’ve worked on for each project can be carried over to Generation 3 of Mifos (Apache Fineract CN) so we can rapidly build out these same apps and features on the new microservices architecture.

Thank Yous!

Before we take a closer look at the results of the summer, we want to first off thank everyone who made Google Summer of Code another successful year.

Google Open Source Programs Office

First off we want to once again thank the Google Open Source Programs office for giving us the opportunity once again to introduce students to open source and as they help us fight poverty with technology-enabled financial inclusion. It was a pleasure meeting up with Cat, Stephanie, Mary, Josh and Helen at OSCON as well as at the GCI grand prize trip earlier this year. The entire team is always so responsive and do such an awesome job coordinating so many moving pieces to make GSOC a success. We look forward to participating in GCI and GSOC for many years to come!

Mentors

A big shout and thank you goes out to our mentors who are the key to the success of Google Summer of Code. Our mentors are the ones down in the trenches working with the students making sure they can get through any challenges they overcome. Our mentors are a guiding light to our interns as they help pass the torch onto a new generation of Mifos and Apache Fineract contributors. Thank you to our mobile development mentors – Puneet Kohli and Ishan Khanna. Thank you to our web development mentors – Gaurav Saini, Maulik Soneji, Pranjal Goswami, and Vinay Saini. Thanks to our mentors on the platform side – Avik Ganguly, Kyriakos Patsias, Nazeer Shaik, Marky Reynolds, Aleksandar Vidakovic, Dhirendra Pratap, Ayuk Etta, Antony Omeri, and Markus Geiss. A big thank you to other community members and volunteers like Rajan, Santosh, Denila, James, Sundari, Nayan, and others who made big contributions despite not being official mentors.

Our Interns

Last, but certainly not least, thank you to our interns from across the globe who poured their energy into their projects. What is always most rewarding is seeing how collaborative and supportive the interns are of each other helping to solve coding problems, helping with collaboration tools and just being great all-around community members. We wish them the best of luck in whatever they pursue next and look forward to their continued contributions to the Mifos Initiative. Already, despite the program being officially over, many of our interns have continued making contributions and wrapping up loose ends of their projects. 

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Edward Cable

Quito Mifos Chapter Helps Promote National Financial Inclusion Policy

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On August 22, 2017, representatives of the Mifos chapter of Ecuador, participated in an event held by Red de Instituciones Financieras de Desarrollo (RFD) to impact the broader financial inclusion community in Ecuador.  This project seeks to promote a space for the construction of a National Financial Inclusion Policy, under a broad concept that is not only limited to access and use of financial services, but also proposes the creation of an adequate environment, both in the regulatory sphere, and in enhancing the capacities of the population through financial education, under criteria of protection to the financial user.

These essential pillars of Financial Inclusion, implemented in a joint way, will have a greater probability of impact on sectors excluded populations, to generate processes of economic growth and employment

Quito Chapter president, Jorge Moncayo, participated on this panel whose objective was to have a space for dialogue and proposal by key actors in the process of constructing the national policy for financial inclusion in order to know their criteria and mechanisms of contribution in relation to the proposal presented by RFD. The 60 minute discussion was moderated by Yamile Pinto – Chief of Institutional Strengthening of RFD who conduct two rounds of questions for participants at the table with the following approach:

  • What is your analysis regarding the current situation of Financial Inclusion in Ecuador and against this what is your criterion regarding this initiative to have a national policy?
  • How would their organizations be inserted in the process of construction of this national policy? What would be your contributions and / or proposals in this construction process?

After the two rounds of questions there was an open space of interaction with the audience for approximately 20 minutes.

The Quito Mifos Chapter is looking forward to more participation in local fintech and financial inclusion events and will soon be hosting its own events to advanced thought leadership in financial inclusion and hackathons to promote innovations in technology for financial inclusion.

 

Alex Moses

Fintech Forum – “Mobility in Lending”

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Here at the Mifos Initiative we are going to begin posting a rundown of the most pressing topics and trends in fintech for financial inclusion providing you a place to follow the latest news and a forum to openly discuss what’s happening with other members of our open source community. This is the first article of this campaign. Expect to see these on our blog on a bi-weekly basis.

Typically we’ll post snippets from several announcements or articles on a topic but this week, we’re lucky enough to have one of our partners, Habile Technologies, share a post from their blog on Mobility in Lending:

Mobile phones are completely changing the lending sector. Mobility is unlocking the full potential of the lending process. The overall TAT (turnaround time) of the loan process can be significantly reduced with the emergence of these new technologies. Mobility is improving the efficiency, transparency, and user experience of the loan process. A once cluttered and confusing cycle can be simplified to a smooth and productive process. Learn how mobility is granting access to financial services to individuals coming from underdeveloped countries who once lacked the proper tools to be reach their true potential.

Read “How Mobility is transforming the Lending Sector” written beautifully by Shivasankari Bhuvaneswaran. Shivasankari comes from our partner organization, Habile Technologies. Habile Technologies, based out of Chennai, India, has proven to be very active in the Mifos community. We like to feature their post as they join us in the fight for financial inclusion. Read the entire post here!

Learn more about Habile Technologies by visiting their website at www.habiletechnologies.com. They’re always posting insightful information on financial inclusion and fintech.